Elon Musk''s public interest towards his favorite cryptocurrency, the Dogecoin, has apparently increased. Despite being involved in a class-action lawsuit in Manhattan, Musk said it will continue to support DOGE. Last week, a complaint was filed in Brooklyn, accusing the Tesla CEO of lowering DOGE prices by promotion, and letting the altcoin fall later on the prices charts. This lawsuit is expected to cost Musk $258 billion (roughly Rs. 20,13,831 crore).
In the midst of this chastised, Musk posted a message over the weekend that cleared the air about his stance on Dogecoin for his 98.8 million followers.
Dogecoin will keep me in charge of sustaining the dog.
DOGE opened trading on international exchanges on Monday, June 20, with a price increase of over 11 percent. Dogecoin''s current value is $0.058 (roughly Rs. 4.51).
Dogecoin, according to Musk previously, is a better suited option for day-to-day payments than BTC and ETH.
A Dogecoin investor is accused of misleading investors into believing DOGE is worth something.
The plaintiffs allege that Dogecoin had no potential to encourage Dogecoin to profit from its trading since 2019. Musk used his pedestal as Worlds Richest man to exploit and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and enjoyment, according to a complaint.
The development comes as a result of several deepfake videos of Musk circulating on social media and encouraging cryptocurrency initiatives.
Despite the fact that Billy Markuswho, the creator of Dogecoin is no longer a participant in the project, believes the developer must focus more on its utility and security.
Markus was quick to respond to Musk.
For a selected Tesla and SpaceX merch, Musk is currently accepting DOGE payments.